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November 2018 Following are answers, a care is taken to answer them correctly, however, if any mistakes are identified by you, kindly share with me, I would love to hear them and will incorporate changes accordingly. Question Covered in post 1(a), 1(b), 1(c), 1(d), 2, 3(a),  3(b), 4, 5(a), 5(b),  6(b), 7(a), 7(b), 7(c),  7(d), 7(e) Question Pending 6(a) 1(a) (i) Annual lease rent = Rs. 32,500 (ii) Income = 26,000, 32,500, 39,000 (iii) Depreciation = Rs. 20,000, Rs. 25,000, Rs. 30,000 1(b) (i) Prior period Item adjustment Prior Period A/c Dr. To Salary Payable Salary payable A/c Dr To Cash Prior period item shall be disclosed separately (ii) Wages with retrospective effect It is not taken as error or omission in the preparation of Financial statements and hence this is not a prior period item, additional liability of Rs. 75,000 shall be included in current year Salary 1(c) (i) Present obligation as a result of a past obligating ev

1.a STEP 1: Present Process Documentation In this step, the present business process is analysed and documented. The key deliverable of this step includes the well-defined short-comings of the present processes and the overall business requirements. This step includes the following activities: · Understanding the business and the objectives for which it exists; · Documenting the existing business processes; and · Analysis of the documented processes. STEP 2: Proposed Process Documentation This step is to design the new process requirements for the system. The design is based on the new system requirements and the changes proposed. The activities include the following: · Understanding of the business processes necessary to achieve the business objectives; · Designing the new processes; and · Documentation of the new process, preferably using of CASE tools. STEP 3: Implementation of New Process This step is to